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but with just five days to the new year is averting the fiscal cliff even possible? why not. stranger things have happened. peter barnes with the latest. peter? >> that's right. everyone looking for senate democrat harry reid and president come up with plan-c to make the next move in the standoff. they were discussing next steps to avert a the cliff on monday on christmas eve but no updates on those discussions from the white house today. a spokesperson for senate majority leader harry reid says quote, nothing to report. no conversations with republicans yet. senate republican leader mitch mcconnell who can filibuster anything reid proposes, his spokesperson saying quote, no outreach from any dems. we're waiting on senate dems. so, if nothing is done, that means on january 1st, the nation faces about a five trillion dollar tax increase over 10 years through the expiration of the bush tax cuts and assuming congress does not approve its annual patch for the alternative minimum tax and that medicare doc fix that prevents deep cuts in medicare payments. now the lapse of the tax cuts would mean t
before its new year's day fiscal cliff deadline. darren gersh has the latest. >> reporter: after a weekend of late-night negotiations with the vice president, senate republican leader mitch mcconnell said an agreement on the fiscal cliff was very, very close. >> we'll continue to work on finding smarter ways to cut spending, but let's not let that hold up protecting americans from the tax hike that will take place in about 10 hours. >> reporter: the deal would raise the top tax rate for individuals making more than $400,000 and couples with more than $450,000 in income. itemized deductions would be limited for individuals making more than $250,000 and couples making more than $300,000. the estate tax would rise to 40%. emergency unemployment benefits would be extended for another year. the alternative minimum tax would be adjusted for inflation permanently. and, in an effort to boost the economy, small businesses would be eligible for another year of bonus depreciation when they buy equipment. the big hang up is what to do about the sequester-- $110 billion in automatic spending
month's payment on any new volkswagen. visit today. >>> this whole fiscal cliff mess shows how out of touch you are with the way that people live in the country. you are off in la-la land and people are saying that you are are acting like a bunch of spoiled brats who are more interested in being right than in doing the right thing and actu actually representing the people who elected you. >> more interested in being right than in doing the right thing. you know, don, i'm not one of the guys who piles on with the mob and hates politics and hates washington, but people are frustrated and i have trouble finding fault in their frustration at all. welcome back, everybody, to the special coverage of the fiscal cliff negotiations. don and i will stick with you while we follow what is going on. take a look at what is going op at the capitol and pretty picture, and i hope they are getting work done in there. lawmakers are getting work done and they are filing in for the roll call. you don't want to leave it for the last minute. the talks are aimed at preventing us from going over th
on january 3. >> reporter: january 3 is the deadline for the new congress to start work. if a fiscal cliff fix isn't passed by then, the start of a new congress will likely delay matters even more. which is why the focus now is on reaching a nano-deal. >> the minimal that they can put together to avoid the fiscal cliff which will have sadly almost no impact on the long- term debt trajectory, but right now, neither markets nor the congress care about that. >> reporter: congress has never been terrific at long-range planning, but now the definition of long range seems to be 48 hours. >> you don't hear people talking, well a year from now, we really need to be here. you hear, well we need to do that this week. we need to do that day after tomorrow. this short-time frame horizon is new and i think people who think we are going to have tax reform and entitlement reform next year are way, way off base. >> cutting short his vacation but it's unclear whether he has the power to force a last minute solution through a deeply divided congress. >> darren gersh. >> so, joe, how bad could that be? >> i
for 2013. checking it twice, so is spoiler alert. and trending. and fiscal cliff. so on to a new year. and a final word on 2012. >> hoping change for a better new year. >> happy new year! >> reporter: it was balmy last year when the ball dropped, in the mid 40s. not so lucky this time around. wind chill expected in the mid 20s. everyone is bundled up, kate. happy new year. >> happy new year to you, ron mott. and did you say fiscal cliff was on the banned list? that is our broadcast for this new year's eve. and on this last night of the year, we want to remind you, ring in 2013 on new year's eve with carson detaily, starting tonight at 10:00 here on nbc. i'm kate snow in for brian williams. we hope to see you back here tomorrow evening. good evening and happy new year.
, temporarily buy down the automatic spending cuts, what they have set up is a series of mini fiscal cliffs, if you will, kate. so every three to six weeks, over the next six months, we could be going through nights like this where we're up against the clock and congress has to act and the president -- they have to figure out how to compromise or watch automatic headaches kick in. >> chuck todd is going -- it's going to be a long night. thanks for being with us on wall street today, this final trading day of the year. investors were hopeful of a deal would be worked out by the time the closing bell rang at 4:00. stocks soared to their highest point today. capping an up year. the dow finished 166 points up, the nasdaq rose 59 points and the s&p 500 was up almost 24 points on the day. for the year, the dow finished with a 7% gain. the nasdaq was up almost 16% this year and the s&p 500 gained more than 13%, a very strong year for stocks. so let's bring in cnbc's senior economics reporter steve liesman. steve, we just said the market was way up today, they thought we would have a deal. now we'r
, obviously, critical getting closer and closer to the fiscal cliff, session lows now, the news does not portend good news with regard to the negotiations down 158 points and as you can tell, a rough day on wall street. stocks falling again, fifth day in a row, by the way, of session lows. 159 points down, red arrows, s&p and russell 2000. just sources from the meeting, but none appear to be positive, and as a result, the dow heading towards the closing bell. the holiday shopping season coming to a close, and the u.s., as we know now, on the edge of the fiscal cliff. what's that mean for retailers in 2013? we have a guest here. i love wisconsin, used to live in green bay, ken, thank you so much. tell me, what do you like when it comes to the retailers in 2013, what's the pick, and explain to me why. >> sure. i think the first place to start is to recognize that we're in an uncertain environment, and it's likely to stay that way given the news flow that we have. we're trying to take a balanced approach, first off, look for well-managed bids business -- businesses, and then can we find
bombarded with the bad news, fiscal cliff, debt, crime, john stossel does not see that, are you going to break out into it's a wonderful world. it is a wonderful world. and you're right, it's terrible with the parasite lawyers and. stuart: parasite lawyers, excellent. >> in spite of that, people work around the politicians and life, i consider it my duty this time of year to step back and say, is life really getting better? it is and it has. louis the 14th have 498 people cooking for him and we eat better than he does because we have free markets and they give us facebook even if zuckerberg's sister is ticked off. stuart: so you want to look beneath the very nea veneer andt over a period of time our lives are getting better, materially better, is that the point? >> yes, and we're living longer and healthier. 7 billion people on earth and for the first time, only maybe a billion are near starvation, that sounds awful, but it's better than it's ever been before. it's the suffering that's-- stuart: i'm going to say later on the program and do my take, sort of editorial to say that the na
that the u.s. is poised to tumble over the fiscal cliff but there was a late-day turnaround on the news that the house will hold a special session on sunday night. >>> directv customers can expect to pay more for their programing packages in 2013. the satellite cable provider is planning to hike prices by an average of 4 1/2% starting february 7th, citing higher programing costs and expects to pay it. v channel owners next year. >>> is the place to go for online shopping this holiday season. according to a new survey from forse amazon took the top spot thanks in part to its wide variety of merchandise and its user-friendly site. that's the latest from fox biz is about business, giving you the power to prosper [ male announcer ] this is the age of knowing what you're made of. why let erectile dysfunction get in your way? talk to your doctor about viagra. ask if your heart is healthy enough for sex. do not ke viagra if you take nitrates for chest pain; it may cause an unsafe drop in blood pressure. side effects include headache, flushing, upset stomach, and abnormal vision. to
or else the country will go over the fiscal cliff. >>> there is a new dairy cliff bill. leaders in the house and senate agriculture committees agree to a one-year extension of the expiring farm bill. so far, no house vote is scheduled. if this bill is not passed, the price of milk could double next month. some estimate that a gallon of milk could go up to $8 a gallon. >>> 8:16. today, a second volunteer firefighter who was shot and killed in upstate new york will be laid to rest. [bagpipes] >> yesterday, hundreds of police officers paid their respects to michael chippairini. investigators say he and tomasz were shot after someone shom them responding a fire. >>> a car crashed into a funeral home at the wyemoth funeral brothers. it was just about a funeral was about to get underway. police say it appears two teens were racing when they lost control and crashed their car into the building. >> literally, five seconds after i entered the side rule -- side room, we saw the car careen into the building. >> the teens were taken to the hospital with serious injuries. a 66-year-old man i
and avert the fiscal cliff. >>> positioning portfolios for the new year, i can majs is tricky right now. there's a lot of mess going on in d.c. we're going to help. we're going to give you the single best play for 2013. >>> and also next, two congressman, one democrat one republican. they're going to talk to us about the fiscal cliff. are they happy or sad? and can they rise above to get a deal done? "closing bell" will be back after this break. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 open an account with a $50,00
of the fiscal cliff situation, or do you actually see some new product, maybe an apple tv, spurring to 900? i would argue you need to see a new product in order to get there. >> i think apple always vacillates between the two extremes of fear and greeand ri hitting that kind of max fear point with people all worried about margins and what the future products will be. and what only kind of shatters that fear and gets people greedy again, what led to the big run-up this year, is when people realized that the current product portfolio are going to be much bigger than they expected. you were talking about the ipad mini. i still think that's one that's widely underappreciated. i think there's an opportunity for huge growth as ipad mini alone this year. i think we'll see iphone move to a six-month cycle instead of a 12-month cycle. apple's seeing that people anticipating a couple of quarters ahead and holding off on sales. so i think there will be new products, though. i think itv is definitely one. i think november is likely the target there. and i think 2013 is going to be the year we actually se
at the new york stock exchange, facebook higher why? >> that's right, stuart, so the fiscal cliff concerns continue. here at the nyse, spirits are high. one of the traders gave me the snazzy glasses and one of the reasons could be facebook. and bmo capital upgraded facebook from underperform to outperform and raised its price target to $32, up from $15. and steeple nicholas raised the price market to $31 up from $26 and looking at facebook shares up 2% this morning and seems like it could be a happy new year for facebook and either way, stuart get these on here, a happy new year to you. stuart: they look pretty good, got to say. >> match the dress. stuart: i heard a comment from the gentleman to your left. >> the gentleman who gave me the glasses, very happy with his donation here. stuart: is he selling those? >> no, free of charge, actually. >> hey, diane, thank you for being here. >> thank you, stuart. stuart: secretary of state hillary clinton remains hospitalized this morning and has a blood clot related to concussion she suffered earlier this month. that concussion prevented her from
. >> talk about the new year. we've talked about the fiscal cliff. obviously how the crisis plays out is going to be a key theme. what are your favorite positions? >> i think we can see a degree of confidence in things with the markets moving again. east asia remains a key area. companies with a focus on that area will be the ones to look out for. >> one of the key things which people keep focusing upon is the possibility for the equity markets to rally, in part because money comes out of fixed income. that could be quite a major trend in 2013. do you think that's realistic? >> i think it is realistic. i think we've seen a lot of risk on-risk off in the last two years. i think stock picking could return in 2013 been it's an absent from markets for too long now. i think it's time to invest, be more discerning and trying to find companies with reasonable term brands. diaji is one of those companies despite the hit it's taken in the last few days. >> chris beach yumm, market analyst at ig group, thank you very much. >> thank you. >>> take a quick look at some live pictures here we're get
into the swipe of things. plus, could a tumble off the fiscal cliff hurt the markets? one trader says don't fall for the hype. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's friday, december 28th. i'm angela miles. in today's first look: watch your neck. the market is a head-turner. yesterday the dow dropped more than 100 points on word out of washington a resolution to the fiscal cliff was unlikely. but president obama returned early from vacation and is said to have a new proposal to offer congress, sparking a rally that left the dow down just 19 points. reports are swirling apple is moving production of its mac mini computers to foxconn plants in the u.s. apple may also be working on a smart watch. and, the new york stock exchange landed the most ipo for 2012. larry levin of trading advantage joins us now. larry, it feels like we are already hanging off that cliff. > > it definitely feels that way. everybody is obviously watching for some kind of news out of washington. that is what has moved the market eve
'll get some resolution to the fiscal cliff, whether it's right now or whether it's soon after the new year, i think we will see some kind of resolution. that will be good for markets, good for business, good for investors. so i'm going into 2013 wanting to be long some really good high quality companies that i know can accrue returns for investors over time. and i don't want to think with the next few months. >> tom: let's focus on the next year ahead. what about volatility, do you think you'll need an iron stomach to be a stock investor? >> i think investing in stocks, in equities comes volatility. we're not buying bonds here, we're not sticking the cash in our mattress in our beds. so i think with investing if you're going to be an investor you have to be able to handle the ups and downs that come with investing in stocks. now, here's what i think most investors should do out there, which is diversify. i really want you thinking about owning dozens of stocks to help mitigate some of that volatility you will see as investing in stocks. >> tom: you've brought two along for the next ye
, it looks like lawmakers will celebrate new year's eve at work-- if not resolving the fiscal cliff, at least trying to avoid the blame. darren gersh, nbr, washington. >> susie: going over the fiscal cliff will not only have an impact on the national level, it will also hit states and eventually cities. if lawmakers fail to reach a deal before january 1, the cliff's across the board spending cuts and tax increases will impact how much money states get from the federal government. ruben ramirez reports from washington. >> reporter: we all know the numbers. failing to reach a deal by january 1 will result in $109 billion in automatic cuts to federal spending. and while that's a big number, what matters most to states and municipalities is the small print, detailing just where those cuts will happen. and standard & poors' gabe pettek says those details could still be months away. >> even if the policymakers in washington, d.c., resolve the immediate issue before january 1 or shortly thereafter, we think there are going to be several details related to the administration of tax policy and the way
monitor tomorrow herzfeld. coming up on monday on "n.b.r." we'll be monitoring those fiscal cliff negotiations, and we'll have news and analysis. we'll also a look back at the year in stocks, and s&p's sam stovall joins us to pre-view what's next for the markets in the year ahead. it could be one of the biggest trends in business next year: companies setting aside time for their employees to play. ruben ramirez explains. >> reporter: it may be hard to remember those hot summer days on the playground. the freedom to let your mind wander. how times have changed. as companies slashed jobs during the great recession worker productivity surged, today, many people are doing the job multiple people once did. >> i think our culture has gone in some direction where we feel like if we took a break we'd be considered irrelevant in the workplace and they don't need me. >> reporter: cary umhau's firm spacious is trying to re- introduce the idea of play to the workplace. tech companies have embraced play for years. at google employees get one day a week to work on their own projects. gmail and
griffith. we're just three days away from the new year. still no fix on the fiscal cliff, but there are developments right now, as you know. brian just mentioning there. various congressional leaders and the president getting set to meet at the white house this hour to work on last-minute negotiations all in an effort to avoid those series of tax increases and spending cuts due to take effect next year. what we hear is the senate leaders are there. speaker boehner and minority leader nancy pelosi have yet to arrive, but now we're showing you live pictures. maybe somebody is going to get out of that car, and we'll see if any of the other leaders will be heading to the white house. this is speaker boehner right now heading into the white house. we'll keep you updated as this hour progresses here. >> indeed, meantime, more red arrows here on wall street as investors are awaiting for any signs of progress from the white house meeting which is about to get under way. right now we're sitting smack on 13,000. we've clawed back from being below that earlier on today. the nasdaq h
in washington. there's no deal, no new offer on the fiscal cliff crisis. president obama has just told the two senate leaders they should make the deal. the results immediately felt in the financial markets. look where the dow closed down 158 points when it became very clear nothing was happening and now take a look at where the numbers are in the after markets. we would open now down 315 points on the dow if we started trading now. down 315 points. we have much more on this throughout the rest of the program, but the market's very unhappy. we do have some good news to report tonight. looks like at least one cliff has been averted for the time being. the so-called container cliff. the union that represents dock workers and u.s. maritime lines came to an agreement today to extend their current contract for 30 days. this is a big relief now for the retail industry and consumers who were staring at real destruction again for the supply chain. here now is jonathan gold and he's vice president of supply chain and customs policy for the national retail federation. jonathan, good to see you. >> miche
an e-mail. >> the fiscal cliff, what would a new tax plan mean for small companies and their employees? we're going to get that story when we return. as we head to a break, check out the futures. we have red arrows. they continue to be red arrows. nasdaq off about 12.5 points, the s&p 500 off a little over 6.5 points. we have more coming up on squawk after this break. [ male announcer ] you've climbed a few mountains during your time. and having an investment expert like northern trust by your side makes all the difference. we add precision to your portfolio construction by directly matching your assets and your risk preferences against your own unique life goals. we call it goals driven investing. after all, you don't climb a mountain just to sit at the top. you look around for other mountains to climb. ♪ expertise matters. find it at northern trust. [ male announcer ] the way it moves. the way it cleans. everything about the oral-b power brush is simply revolutionary. oral-b power brushes oscillate, rotate and even pulsate to gently loosen and break up that sticky plaque with more
percent and nervous about tax hikes due to the fiscal cliff and we have our julian robinson news, that he is a fake -- not he is a fake but the tweet is. we have been investigating this. it said congrats dick tracy, you must be having a pretty busy day today. >> it's not like it took hours and hours of your time. >> i know. there's not a tlot of news out there post christmas. >> julian would not try to talk about his book this way. >> you can follow me now. did you re-tweet my happy birthday? >> by the way, the fake julian robertson has 3100 followers by the way. >> oh, god. >> joining us to talk about the prospects for a deal to avoid the fiscal cliff, congressman jim himes, democrat from connecticut. congressman, there are some in both parties, i don't know, maybe they wouldn't admit it, they don't think it's the worst thing in the world to go over temporarily. where are you? >> you know, i think there's some chance we get a deal in the early weeks of january which means technically you are going over the cliff. if you vote on the deal that john boehner couldn't get done in his conferen
markets next. we will see if there is a new word there about the fiscal cliff. we found some more winners on the nasdaq. ♪ with fidelity's new options platform, we've completely integrated evy step of the process, making it easier to try filters and strategies... to get a list of equity option.. evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. dagen: japan's new prime minister vowing to tighten ties with the u.s. as he works to revive the economy. some worry he will pay little attention to funds needed for growth. how does that sound familiar. the japanese market light to the news. the nikkei trading higher today. let's take a look at the ten year treasury. a gauge of how much work the federal reserve is doing by those very treasuries. it is down a little bit today. four more on that, let's bring in chris aarons from ubs. fiscal cliff, what happens to i
.s. is heading for the so-called fiscal cliff. he compared it to the ball dropping on new year's eve dropping on times square more ominously. more from the nation's capitol. in terms of industry groups and what is not working we start with financials. they're the biggest drag. money center banks like bank of america down 1 1/4%. goldman down 1%. morgan stanley down .8 of a percent. all those stocks are under pressure. tech stocks notably weak. apple inching to the round 500 dollar level. down to 510. it was north of 700 when iphone 5 came out early september. so the bear market continues to apple. as you can see, google also down, down about five bucks on the day. ibm down slightly a .10 or two. hewlett-packard off today, down one 3/4%. coming up later we have a contrarian investors sees big opportunity for hp in 2013. he nailed down the move in bank of america this year. he said it was the stock to buy. he was right. stick around for what he has to say about hewlett-packard. interesting stuff. what an interesting day. let's look to the floor show. traders at new york stock exchange, the cme
the fiscal cliff deadline, the new year's countdown is taking on a whole new meaning. >>> health scare. just days before secretary of state hillary clinton was set to return to work, she suddenly is hospitalized for a blood clot stemming from that concussion she sustained recently. >>> and in an nbc news exclusive, president obama lays out his second-term priorities, and guns didn't make the list. >>> plus, is there new hope for chuck hagel? the president defends his possible defense secretary pick. >>> good morning from washington. it's the last day of the year, december 31st, 2012, and this is "the daily rundown." i'm chris cillizza in for chuck todd. with sweeping tax increases and across-the-board spending cuts set to take effect at midnight, even lawmakers are now publicly pessimistic about the ability of congress to, well, get anything done. at best, democrats and republicans will patch together a limited, short-term deal to avoid the most immediate economic impacts of the fiscal cliff. with 15 hours to go and counting, members of congress are disgusted and embarrassed. >> when the fut
before investing. >>> well, of course, it isn't just the fiscal cliff we're counting down to. it's new year's eve and we want to say happy new year to everyone who is joining us or watching the program here today. earlier, we asked have you made any resolution, trade or otherwise, for 2013. we've got a couple at least. one here from jeff who says i resolve to invest in pets and pampering. petsmart people love pets and profit from it. that's true, actually. ac tweets to accomplish my 2012 resolutions. that's one where i think a lot of us would agree. if you want to join the conversation, send in your thoughts tweet us, @cnbcwex or tweet us individually. >>> the senate in the race against the clock as lawmakers try to solve the fiscal cliff impasse ahead of tonight's deadlines. >>> china ends the year as a sign of manufacturing growth as manufacturing activity hits itself fastest pace in 12 months. german, japanese and hong kong stocks are leading the way today. here is a look at today's other top stories. congress may be able to avoid the so-called dairy cliff. the h
crashing down if we do in fact go over the fiscal cliff? up next i ask an expert. he has good news for us on gas prices to look forward to ahead. david: tom kloza is one of the smartest guys in the i will listen of the plus your tax dollars could be used to buy up more risky loans. is this another boondoggle you will end up paying for? liz macdonald has been tracking it. she has the details you don't want to miss. it will make you mad but you want to hear it coming up. david: here's your fox business brief. it was another down day for the markets as retailers took a post-holiday hit. with only five days left before the fiscal cliff washington is preparing for another round of wheeling and dealing tomorrow. at the closing bell the dow finished 24 points lower to 13,114. >>> treasury secretary tim geithner warning we will reach the debt ceiling by december 31st but geithner did say $200 billion worth of kind of wiggle room could be found, quote from extraordinary measures that would normally buy them two extra months. >>> toyota agreed to pay a billion doll to settle a class-action lawsuit
here on the fiscal cliff and we're creeping up here on new year's eve. and then yesterday, as you just mentioned, treasury secretary tim geithner really upped the ante in dramatic stakes in the fiscal cliff end game by saying that the united states is going to hit its borrowing limit on monday. now he said the treasury can put in place some extraordinary measures and it has some wiggle room there but he said that the doubt and uncertainty over the fiscal cliff really clouds the prospect of exactly when the united states is going to hit its debt ceiling, statutory borrowing limit. so, that all adds a whole element of drama to all this. and it's really not clear, guys, at this point, how this thing is going to get resolved. but the house has said that it would like the senate now to go first after the house had been taking the lead in negotiations earlier on. and they say they stand ready to vote, at least, on whatever it is that the democratic controlled senate will pass. it's not clear, however, that anything that could pass the senate could also pass the house, which is controlled by
. coming up no progress on the fiscal cliff, so much for glass half full. no deal before the new year actually be a good thing for the cash strapped states? gerri willis is on that story next. lori: great for your loved ones. or is it really great? we will face that. lori: let's look at winners and losers, mostly down market today. expedia, adp, all up by 1%. back after this. tracy: need to check the markets as we do every 15 minutes. nicole petallides on the floor of the stock exchange. nicole: we are not too far off of session lows, down 142 points, what do you think? you are starting to think inside washington is a breaking down. >> there's always the inside game and outside game and for two months you could tell what was going on, they would come out and talk to their constituencies where republicans or democrats but not saying anything bad about one another and also sending messages that the talks were going well inside. i am starting to see that break down so the inside game is starting to break down and you saw that with the first shot out of harry reid effectively calling john
viewers here in the united states and around the world. breaking news on the fiscal cliff. there's been a significant snag in the negotiations with just fewer than two days remaining to go. about 36 hours remaining on the countdown clock. dana bash is on capitol hill with latest. dana, what have you got? >> this kbifs you a good sense of where things stand. they're at a standstill. you see a lot of reporters milling around. it's behind this wall that you can't see. the democrats, all senate democrats are meeting now, getting a briefing from the senate democratic leader, harry reid and down this haul, which you can't see from here, the same thing is going on with republicans. at the podium we hope to hear from senate majority leader, harry reid. in terms of where things stand, they're frozens it goes. earlier today, we explained that the reason from the democrats point of view is that they got an offer from republicans that includes what was known as chained cpi, which you've been explaining means social security checks would be smaller for social security recipients, which is something
the fiscal cliff. >>> the chinese government announcing stiff new rules and requiring users to provide real names to service providers. the move place as greater burden on web companies to inform of forbid inch post. that is the latest from fox business, giving you the power to prosper. we'll be right back from washington >> the white house meeting has concluded. congressional leaders are back on capitol hill right now. comments from house minority leader nancy pelosi she believes the meeting with the president and other congressional leaders has moved them forward. she said it was a constructive meeting, candid as well. she also indicated that the president was definitely trying to get the senate leaders to try to move a proposal first. it appears as though house speaker john boehner, as we said before, is waiting for the senate to move on some time of legislation. so it appears that the congressional action now moves over to the senate. this meeting started according to senior administration official with president obama reiterating a proposal that he had put on the table on friday. last
leader harry reid says the u.s. is probably going over the fiscal cliff. he's planning a news conference. we don't have the exact time. when it goes, we'll go there. investors getting quite nervous. obviously the dow dropping below 13,000. the first time since early december. fear index is spiking the vick. what going over the cliff will mean for you and your money. we will talk about it this hour. >>> airline stocks flying high sitting at 1 1/2 year highs. will it be smooth skies for the industry next year in 2013. phil lebeau has the report. >>> how about housing? what a story housing has been this year. a milestone. home prices on track for their first year-over-year gain since 2006. is the worst finally over? some say yes, others say no. what does michelle caruso-cabrera say. >> tyler, let's drill down to the numbers you were talking about. only four hours to go until america goes over the fiscal cliff. the dow jones industrial average down 113 points. had been down 148 points. look at that as we come on the air back above 13,000 level, not by much. the nasdaq, the biggest decline. 3
mark. again, everybody's worried about the two letters, "fc," fiscal cliff, and pulling from the u.s. dollar, the yen is pulling back, the new regem that's in there, they are doing what they need to do, and nobody's going to gold right now. silver is sneaking up slowly, above the $30 range. we'll see that take off. reason for that is we look at china. china's economy is turning the corner. that's also helping with what you folks talked about earlier in the crude oil. see how it plays out. even though it's a light volume week as far as trading -- ashley: still, though, a downward trend with the chart. what's the story with silver? >> well, you saw silver pull back with gold. normally, they run, and now what we're seeing is there's a little bit more demand. china's picking up the pace a little. we are seeing silver that's up, what, 24 cents as of today? not a bad move from a one day, especially in the light volume. ashley: if we get it done on the fiscal cliff, will we see a selloff in metals? >> i don't believe that we will. europe right now is the safe haven. there's no negative ne
as lawmakers continue to scramble to get a fiscal cliff deal done. rich edson has the latest. rich: they are considering legislation here in the senate today. president obama says he called to talk to congressional leaders, democrats and republicans, last evening. there is no progress here to report. president obama put it all on the house. >> they are operating without the house of representatives. it is being operated with a dictatorship of the speaker, not allowing the vast majority to get what they want. if the 250 would be brought up, it would pass overwhelmingly speaking that 250 he is discussing that would keep tax rates where they are for income amount for less than $250,000 increased those earning more. house speaker says senator reed should talk less and legislate more. senate democrats have not. they want to extend all the current tax rates and avoid some of the spending cuts. democrats are on their opening offer. they basically have not moved anywhere. there is less than a week to go. >> senator reid talking about a less than $250,000 limit. speaking right. exactly. liz
beyond their control like the economy and the fiscal cliff? >> i think overall it was more probably 70 to 80% factors beyond the retailer's control. i think retailers had creative merchandise but i think the news didn't lead to a feel good factor. >> in any economy, good or bad, you always have some winners. who did really well this year? >> well, it looks like in terms of who did well so far, companies like american eagle outfitters limited, michael cors, macy's' tj and i would say costco was also a winner. >> on the flip side were there retailers that you had high hopes for going into the season but just didn't deliver in the end. >> certainly we will see some becoming more promotion al, some of the children's retailers, whether it was impacted by weather or there was competitive price and they did a good job at it, the children's retailers seemed to have a tougher season this year. >> now is the time of year when we shift into gift card sales. what most people don't realize is those sales get counted until the cards are redeemed. is that enough to save the season? >> not totally but
tomorrow herzfeld. coming up on monday on "n.b.r." we'll be monitoring those fiscal cliff negotiations, and we'll have news and analysis. we'll also a look back at the year in stocks, and s&p's sam stovall joins us to pre-view what's next for the markets in the year ahead. it could be one of the biggest trends in business next year: companies setting aside time for their employees to play. ruben ramirez explains. >> reporter: it may be hard to remember those hot summer days on the playground. the freedom to let your mind wander. how times have changed. as companies slashed jobs during the great recession worker productivity surged, today, many people are doing the job multiple people once did. >> i think our culture has gone in some direction where we feel like if we took a break we'd be considered irrelevant in the workplace and they don't need me. >> reporter: cary umhau's firm spacious is trying to re- introduce the idea of play to the workplace. tech companies have embraced play for years. at google employees get one day a week to work on their own projects. gmail and google news w
to serve. >>> fiscal cliff fears pushing stocks lower but we're well off those lows right now and news that the house will reconvene on sunday evening at 6:30 p.m. eastern time. let's get to seemor, modi with more on this. >> hi, mandy, off of our lows, but today a risk-off approach to trading. that's a strategy being used as wall street is waiting by for the latest on the fiscal cliff negotiations. interestingly enough when you look at the year-to-date performance of the major indices, the nasdaq is the outperformer, however. for q4, just this last quarter, the nasdaq is the worst performing major index. some is down about half a percent today. lastly, one of the bright spots in the online travel space that i want to point your attention to, no major news hepthelping lift the stock. however, traders telling me that technically the stock looks strong. even on twitter you'll see that there are a lot of traders tweeting about this stock, up about 3 president 6%. bill? >> all right. seema, thank you very much. meantime, nokia's shares lower -- they were early on by more than
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